Unfortunately, I created this project before I thought about blogging it so I only have a after photo. I bought 10 pieces of felt at walmart for .20 cents each. Each piece provided approximately 9-11 3 inch circles so my best guess would be that I used approximately 100 circles, give or take. You will need extra if you want to cover the whole wreath as I only covered the front and sides.
The red felt circles are folded in half and then folded in half again. After you have folded your circle pin it through the bottom with a straight pin into your foam. Continue around the whole wreath, folding the felt out as you go to create the "flowered" look. At the end you can rearrange as desired. If you don't want to flower them you will clearly need more than 100 circles so just take note of that when buying your felt. :)
BREAKDOWN:
Things you'll need:
heart wreath (or a round one if you prefer)
felt (red, pink, etc)
straight pins
ribbon (for hanging)
Cost:
The heart wreath was regularly 7.99. I used a 40% off coupon and got it for around 5 bucks. I bought 10 felt pieces for .20 cents each so they costed me 2 dollars. I already had some straight pins and didn't need ribbon as the wreath I bought already had a hanger. This wreath costed me around 7 dollars total. If you need to purchase everything it shouldn't cost more than 15 dollars, most likely less.